The Board of Directors of South Korea's Daewoo Shipbuilding and Marine Engineering yesterday voted to extend the term of President and CEO Jung Sung-leep by a further three years.

Outlining his future plans for DSME, Jung Sung-leep said the company would strengthen its infrastructure over the coming five years.

"After that," he said, according to Korean press reports, we plan to set up five to six shipbuilding plants in east Asian nations such as Japan, China and Vietnam.

DSME will not move its current Korean manufacturing activities abroad. It will maintain its hub of technology development in Korea, while boosting output in other Asian regions where labor costs are lower.